Three-step Guide for Effective Sales Promotion

Three-step Guide for Effective Sales Promotion

Profit maximization is the number one goal of any organization. So how can an organization drive their profits? Although, ramping up the sales may not be as easy as it sounds, sales promotion does help in achieving that objective. Even in a struggling economy, people are easily lured by sales promotions. Who wouldn’t want to […]

Profit maximizationis the number one goal of any organization. So how can an organization drive their profits? Although, ramping up the sales may not be as easy as it sounds, sales promotion does help in achieving that objective. Even in a struggling economy, people are easily lured by sales promotions. Who wouldn’t want to buy a product worth $1000 for $499? It is no wonder why people queue up for hours just to enter a store on a Black Friday. If executed properly, sales promotion give an immediate excuse for the buyers to make instant purchases. So how do you master your sales promotion?

Step 1: Target your effort

Sales promotion is powerful as it can entice purchases from established customers, new customers, and even customers from the competitors. Additionally, it can also spur customers to purchase moreand stimulate business during the off-season as well. However, a single sales promotion cannot achieve all those objectives at once. Which is why it is important to decide what is more important than the other so as to channel your promotional efforts effectively. Business should know if they want customers to purchase more frequently and in greater volume or they want new customers in their business altogether. They may also want to bring back their lapsed customer or boost business during the off-season. Once the business is clear on their objective of sales promotion, they ought to ask questions such as if they offer a 50% off for a new customer, will they respond to the offer?